This report was sent to subscribers on 11/12/09 6:00 p.m. Chicago time to be used for trading on 11/13/09. Everything is done by Howard Tyllas, no program or black box.
December Cattle
After the close on 11/13/09: My resistance was 83.65, just .22 from the actual high, and my support was 82.80, the exact actual low.
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84.65 |
83.65 FG |
--------------82.80 Pivot & 2009 Low |
81.95 |
81.62 Key Support (bracket line) |
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Trend 88.40 is the 200 day MA |
5 day chart............ Down |
Daily chart ..........Down |
Weekly chart ........ Sideways |
Monthly chart ...... Sideways |
ATR .92 Extremely Oversold 1% |
December Cattle (elec) Chart
December Cattle (elec) for 11/13/09:
I have been saying for weeks "The gap at 88.47 will be major resistance when coupled with the 200 day moving average at 88.57". This type of trade location takes patience to wait for, but provides beneficial risk reward.
Recapture of downtrend line is bearish, next support found on the weekly chart.
Since we are making new contract lows, and we closed near that low, I always make that my pivot, and I know the market left a gap which is now resistance, the difference is .85, and so I take off .85 from the pivot to get my support. Next support found on a weekly low.
In my daily numbers on Thursday; my pivot acted as resistance and was $0.20 from the actual high, my support was $0.65 from the actual low.
Cattle: Another market that is in freefall but nearing longer term support from bracket lines below that are not on the chart yet. Almost maximum oversold conditions tell me that the low is near coupled with the support on the weekly chart. I would like to buy support today for a day trade. I want to fade the funds near my support.
It looks to me like the fund "bear raiders" pushed the market lower forcing out longs in which they would then buy back their shorts from the sell stops and reloading to sell once again (if need be) to reinforce their short position already on from above levels.
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The 9 markets now covered daily are November soybeans, December corn, December crude oil, December S&P, December Euro FX, December 30 yr TBond, December gold, December natural gas, and December cattle.
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Howard Tyllas
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Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.
